Mercado SolarCrowdfunded solar plants, paid upfront or in installments

Ana P. (investor, example)

Interactive prototype · all figures are examples[CNV registration: pending]Projected returns, not guaranteedInvestment is subject to Argentine regulation

Córdoba · Villa DoloresFinancing

PSF Villa Dolores

1.2 MWp · 2V fixed structure · 25° · Distributed generation · Law 27,424 · USD 62/MWh

Back to explore

Key factskey information sheet · all figures are examples

Item	Value	Source
What it is	1.22 MWp (1.0 MWac) solar plant in Villa Dolores, Córdoba · 2V fixed structure · 25° · sells its energy under Distributed generation · Law 27,424 at USD 62/MWh	ELAP estimate ELAP · report rev B · P50/P90 study · 06/20/2026
Amount being raised	USD 0.55 M from the crowd, out of a CAPEX of USD 0.74 M (USD 0.605/Wp) · 23 % raised · closes 02/28/2027	Contract 21 % · Quote 55 % · ELAP estimate 24 % as of 10/20/2026
Minimum ticket	USD 300 · 3 shares of USD 100, upfront or in installments	Contract Platform terms, art. 9 · 07/01/2026
Return	P50 9.8 % · P90 8.9 % of contributed capital in year 1 · projected, not guaranteed	ELAP estimate ELAP · trust model, report rev B · 06/20/2026
Term	20-year self-consumption · 25-year useful life	Contract Self-consumption contract · 07/15/2026
Main risks	Single buyer · Tariff	ELAP estimate ELAP · report rev B · P50/P90 study · 06/20/2026
Total fees	USD 91,976 one-off (12.5 % of CAPEX) · USD 26,688 per year (20.7 % of year-1 revenue, including debt interest)	Quote EPC bid and trustee's proposal · 10/01/2026

[Model: key information sheet under EU Regulation 2020/1503 and CNV RG 717/2018 · to be checked in the legal memo]

TablesMV stationGrid lineSite boundary

Plant — Plan

52 fixed 2V tables of 2 × 201 transformer of 1.25 MVA · 13.2 kVInternal connection on the meat-packing plant's premises2.2 ha within the premisesELAP layout, report revision

Who takes part

Role	Who	Contribution	Status
Land	Meat-packing plant (own premises)	Provides the space at no cost	Ready
Modules	Importadora Andina (example)	In-kind contribution for equity	Ready
Buyer	Meat-packing plant, Villa Dolores	78 % self-consumption · surplus to the distribution company	Ready
EPC	Instalador Kaiken (example)	Turnkey · bid	In progress
Engineering	ELAP	rev B	Ready

Capital structure example

Land, in kind · USD 0.00 M · 0 %Equipment, in kind · USD 0.14 M · 19 %Crowd · USD 0.55 M · 75 %Bank debt · USD 0.05 M · 6 %

Total USD 0.74 M = CAPEX, sum of the bill of quantities · USD 0.605/Wp · contributed capital (excluding debt) USD 0.69 M

P50P90

Annual distribution — % of paid-in capital

Years 1 to 10 with debtRises once the debt is repaidProjected, not guaranteed

Explicit risks

Risk	What can happen	What limits it
Single buyer	Revenue depends on the meat-packing plant's consumption.	High reference tariff; the surplus is sold to the distribution company at a lower price.
Tariff	The price is the avoided tariff: if the tariff falls, revenue falls.	The sensitivity shows the price −10 %.

Questions

No questions yet.

Financing closes 02/28/2027

23 % · USD 0.13 M of USD 0.55 M · 80 % minimum to close

Minimum ticketUSD 3003 shares · or 12 installments of USD 27 · or 18 of USD 18

Return: 8.9 to 9.8 % in year 1 (P90 to P50), projected, not guaranteed
Term: 20-year self-consumption · 25-year useful life

Grid access

Node: Distribution company grid · 13.2 kV
Free capacity: 3 MW (CAMMESA, public data)
Requested capacity: 1.0 MW
Dispatch priority: Not applicable (DG) · distribution company authorization obtained
Guarantee deposit: Not applicable

Energy buyer

Meat-packing plant, Villa Dolores · user-generator, surplus to the distribution company

Distributed generation · Law 27,424 · USD 62/MWh

Stages

Land01/2026

Engineering04/2026

Grid access07/2026

todayFinancingcloses 02/28/2027

Construction2027

Operation2027 to 2052

01Equipment and quantities21 lines · total USD 736,016 = CAPEX

Category	Description	Manufacturer and model	Specification	Quantity	Unit price	Total	Source	Purchase status
Main equipment, item by item · click a row to see warranty, country and datasheet
Equipment	Monofacial PV module	LONGiHi-MO 6 LR5-72HTH-585M	585 Wp · monofacial · 1,500 V	2,080 pcs	USD 67.28	USD 139,942	Contract Contribution agreement no. 1 · Importadora Andina (example) · 09/10/2026	Awarded
Equipment	String inverter	HuaweiSUN2000-100KTL-M2	100 kW · 1,100 V · 10 MPPT	10 pcs	USD 4,300	USD 43,000	Quote Supplier A · 09/25/2026 · expires 11/05/2026	Quoted
Structure	Driven 2V fixed structure	Local manufacturing2V · 40 módulos · 25°	hot-dip galvanized steel	52 tables	USD 1,405	USD 73,060	Quote Supplier B · 10/20/2026 · expires 11/19/2026	Quoted
Medium voltage	Oil-immersed power transformer	Tadeo CzerwenyTPC 1250 kVA ONAN	1.25 MVA · 13.2/0.4 kV · Dyn11	1 pcs	USD 32,000	USD 32,000	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Medium voltage	Medium-voltage switchgear, 2 functions	Ormazabalcgm.3 24 kV	24 kV · line + protection	1 pcs	USD 24,000	USD 24,000	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Electrical BOS	DC solar cable	PrysmianTecsun H1Z2Z2-K	1 × 6 mm² · 1.5 kV	5,200 m	USD 0.95	USD 4,940	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Electrical BOS	Low-voltage cable, inverter to switchboard	IMSASubterráneo XLPE Cu	1 × 95 mm² · 1.1 kV	3,000 m	USD 9.40	USD 28,200	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Minor items, by category
Structure	Pile driving and installation of the fixed structure	—	0.024 USD/Wp	1 lump sum	USD 36,504	USD 36,504	Quote Instalador Kaiken (example) · turnkey bid · 09/30/2026 · expires 11/29/2026	Quoted
Electrical BOS	String boxes, protection, earthing, monitoring and electrical installation	—	0.052 USD/Wp	1 lump sum	USD 79,092	USD 79,092	Quote Instalador Kaiken (example) · turnkey bid · 09/30/2026 · expires 11/29/2026	Quoted
Medium voltage	Housing, foundations and installation of the MV stations	—	per station	1 pcs	USD 32,500	USD 32,500	Quote Instalador Kaiken (example) · turnkey bid · 09/30/2026 · expires 11/29/2026	Quoted
Civil works	Earthworks, internal roads, fencing, drainage and site compound	—	0.052 USD/Wp	1 lump sum	USD 79,092	USD 79,092	Quote Instalador Kaiken (example) · turnkey bid · 09/30/2026 · expires 11/29/2026	Quoted
Grid connection	Connection to the site switchboard and bidirectional metering	—	13.2 kV	1 lump sum	USD 47,500	USD 47,500	Quote Instalador Kaiken (example) · turnkey bid · 09/30/2026 · expires 11/29/2026	Quoted
Engineering	ELAP engineering: basic, detailed, P50/P90 and as-built	—	0.012 USD/Wp	1 lump sum	USD 14,602	USD 14,602	ELAP estimate ELAP · report rev B · 06/20/2026	Purchased
Development	ELAP development: permits, environmental impact and dispatch priority management	—	0.018 USD/Wp	1 lump sum	USD 21,902	USD 21,902	ELAP estimate ELAP · report rev B · 06/20/2026	Purchased
Development	Independent engineer: design review and construction certification	—	USD 2,500 per MWp	1 lump sum	USD 3,042	USD 3,042	Quote Fiduciaria Pampa S.A. (example) · 10/01/2026 · expires 12/31/2026	Awarded
Trustee	Trust formation and legal structuring	—	fixed fee	1 lump sum	USD 8,000	USD 8,000	Quote Fiduciaria Pampa S.A. (example) · 10/01/2026 · expires 12/31/2026	Purchased
Insurance	All-risk construction and transport insurance	—	0.45 % of construction	1 lump sum	USD 2,789	USD 2,789	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Platform fee	Platform placement fee	—	3 % of the crowd raise	1 lump sum	USD 16,500	USD 16,500	Contract Platform terms, art. 9 · 07/01/2026	Awarded
Contingency	Construction contingency	—	4 % of construction	1 lump sum	USD 24,793	USD 24,793	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Financing cost	Cost of investor installments and debt structuring	—	5 % of the amount paid in installments + 1 % of the debt	1 lump sum	USD 14,211	USD 14,211	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Taxes	Import duties, statistics fee and non-recoverable taxes	—	5 % of imports from outside Mercosur	1 lump sum	USD 10,347	USD 10,347	ELAP estimate ELAP · report rev B · 06/20/2026	To quote
Bill of quantities total · 0.605 USD/Wp over 1.217 MWp						USD 736,016

Prices in USD excluding VAT. Supplier, EPC, O&M and trustee names are examples; manufacturers and models are real and their prices are examples.

02Prices and CAPEXUSD 736,016 · 0.605 USD/Wp

Category	USD	USD/Wp	% of total	Market reference USD/Wp	Platform average USD/Wp	Source
Equipment	USD 182,942	0.150	24.9 %	0.155	0.142	Contract 76 % · Quote 24 % as of 09/25/2026
Structure	USD 109,564	0.090	14.9 %	0.125	0.126	Quote as of 10/20/2026
Electrical BOS	USD 112,232	0.092	15.2 %	0.080	0.074	Quote 70 % · ELAP estimate 30 % as of 09/30/2026
Medium voltage	USD 88,500	0.073	12.0 %	0.035	0.041	Quote 37 % · ELAP estimate 63 % as of 09/30/2026
Civil works	USD 79,092	0.065	10.7 %	0.060	0.061	Quote as of 09/30/2026
Grid connection	USD 47,500	0.039	6.5 %	0.050	0.064	Quote as of 09/30/2026
Engineering	USD 14,602	0.012	2.0 %	0.012	0.012	ELAP estimate as of 06/20/2026
Development	USD 24,944	0.020	3.4 %	0.035	0.041	Quote 12 % · ELAP estimate 88 % as of 10/01/2026
Trustee	USD 8,000	0.007	1.1 %	0.003	0.003	Quote as of 10/01/2026
Insurance	USD 2,789	0.002	0.4 %	0.002	0.002	ELAP estimate as of 06/20/2026
Platform fee	USD 16,500	0.014	2.2 %	0.010	0.010	Contract as of 07/01/2026
Contingency	USD 24,793	0.020	3.4 %	0.020	0.020	ELAP estimate as of 06/20/2026
Financing cost	USD 14,211	0.012	1.9 %	0.012	0.009	ELAP estimate as of 06/20/2026
Taxes	USD 10,347	0.009	1.4 %	0.008	0.008	ELAP estimate as of 06/20/2026
Total	USD 736,016	0.605	100 %	0.607	0.613	Contract 21 % · Quote 55 % · ELAP estimate 24 % as of 10/20/2026

Market reference: ELAP estimate ELAP · 2026 market reference, 19 budget prices · 09/15/2026. The platform average is that of the other 6 projects on this page. Each category is the sum of its lines in the bill of quantities.

03Open tenderanonymous until awarded, named afterwards

Structure · 2V fixed structure, 40 modules, drivenOpen · closes 10/31/2026 · 52 tables · 4 quotes

Bidder	Offer	Unit price	Total	Versus lowest	Lead time	Result
Supplier A	2V 40 modules, driven	USD 1,460	USD 75,920	+5.2 %	8 wk	Under evaluation
Supplier B	2V 40 modules, driven	USD 1,405	USD 73,060	+1.2 %	9 wk	Under evaluation
Supplier C	2V 40 modules, ground screws	USD 1,530	USD 79,560	+10.2 %	6 wk	Under evaluation
Supplier D	2V 40 modules, driven	USD 1,388	USD 72,176	lowest	12 wk	Under evaluation

Equipment · String inverter 100 kWOpen · closes 11/05/2026 · 10 pcs · 1 quote

Bidder	Offer	Unit price	Total	Versus lowest	Lead time	Result
Supplier A	Huawei SUN2000-100KTL-M2	USD 4,300	USD 43,000	lowest	6 wk	Under evaluation

04Use of fundsUSD 0 disbursed of USD 596,074

Sources	USD	%
Land, in kind	USD 0	0.0 %
Equipment, in kind	USD 139,942	19.0 %
Crowd	USD 550,000	74.7 %
Bank debt	USD 46,074	6.3 %
Total	USD 736,016	100 %

Uses	USD	%
Equipment	USD 182,942	24.9 %
Structure	USD 109,564	14.9 %
Electrical BOS	USD 112,232	15.2 %
Medium voltage	USD 88,500	12.0 %
Civil works	USD 79,092	10.7 %
Grid connection	USD 47,500	6.5 %
Engineering	USD 14,602	2.0 %
Development	USD 24,944	3.4 %
Trustee	USD 8,000	1.1 %
Insurance	USD 2,789	0.4 %
Platform fee	USD 16,500	2.2 %
Contingency	USD 24,793	3.4 %
Financing cost	USD 14,211	1.9 %
Taxes	USD 10,347	1.4 %
Total	USD 736,016	100 %

In-kind contributions (USD 139,942: land and equipment for equity) do not go through the account. The rest is paid from the trust account against certified milestones by the independent engineer, and every disbursement is published here.

Date	Milestone	Amount	Use	Certificate	Status
03/20/2027	Financing close	USD 64,046	Engineering, development, trustee and placement fee	on certification	Planned
05/20/2027	EPC signing and advance	USD 79,804	EPC advance	on certification	Planned
06/20/2027	Modules delivered to site	USD 159,608	Modules and inverters on delivery	on certification	Planned
07/20/2027	Pile driving	USD 63,843	Pile driving and structure	on certification	Planned
08/20/2027	Mechanical installation	USD 69,164	Mechanical installation	on certification	Planned
09/20/2027	Electrical installation	USD 63,843	Electrical BOS and cables	on certification	Planned
10/20/2027	MV station and line	USD 53,203	MV stations, line and outgoing bay	on certification	Planned
11/20/2027	CAMMESA commercial operation	USD 42,563	EPC balance, contingency and retention	on certification	Planned
Total through the trust account		USD 596,074	CAPEX minus in-kind contributions

05Who gets paid whatUSD 91,976 one-off · USD 26,688 per year

Party	Who	Item	Basis	Amount USD	When	Source
Platform	Mercado Solar	Placement fee	3 % of the crowd raise, once at close	USD 16,500	Once	Contract Platform terms, art. 9 · 07/01/2026
Platform	Mercado Solar	Administration and secondary market	1 % of revenue, per year	USD 1,287	Per year	Contract Platform terms, art. 10 · 07/01/2026
ELAP	ELAP	Engineering	0.012 USD/Wp	USD 14,602	Once	Quote EPC bid and trustee's proposal · 10/01/2026
ELAP	ELAP	Development	0.018 USD/Wp	USD 21,902	Once	Quote EPC bid and trustee's proposal · 10/01/2026
Trustee	Fiduciaria Pampa S.A. (example)	Trust formation	fixed fee	USD 8,000	Once	Quote EPC bid and trustee's proposal · 10/01/2026
Trustee	Fiduciaria Pampa S.A. (example)	Trust administration	0.8 % of revenue, per year	USD 1,029	Per year	Quote EPC bid and trustee's proposal · 10/01/2026
EPC	Instalador Kaiken (example)	EPC's declared margin	10 % of the works in its scope (included in the bill of quantities)	USD 27,469	Once	Quote EPC bid and trustee's proposal · 10/01/2026
O&M	Instalador Kaiken (example)	Operation and maintenance	USD 17,000 per MWp per year	USD 20,686	Per year	Quote EPC bid and trustee's proposal · 10/01/2026
Bank	Banco Regional (example)	Debt structuring	1 % of the debt	USD 461	Once	Quote EPC bid and trustee's proposal · 10/01/2026
Bank	Banco Regional (example)	Year-1 interest	8 % a year on the debt	USD 3,686	Per year	Quote EPC bid and trustee's proposal · 10/01/2026
Independent engineer	Estudio Ingeniería Zonda (example)	Technical review and construction certification	USD 2,500 per MWp	USD 3,042	Once	Quote EPC bid and trustee's proposal · 10/01/2026
One-off, within CAPEX				USD 91,976	12.5 % of CAPEX
Annual, year 1				USD 26,688	from the payment waterfall

Declared conflict of interest. ELAP is at once engineer, developer and platform of this project: it charges for engineering, development and the platform fees. That is why the technical review is signed by an independent engineer (Estudio Ingeniería Zonda (example)), who also certifies every milestone before a disbursement.

06Production and assumptionsP50 2.25 GWh · P90 2.12 GWh per year · Source: ELAP estimate · ELAP · report rev B · P50/P90 study · 06/20/2026

Data or assumption	Value
P50 production	2.25 GWh per year · 1,850 kWh/kWp
P90 production	2.12 GWh per year · 1,740 kWh/kWp
Weather data source	PVGIS-SARAH3
Years in the series	2005 to 2023 (19 years)
Global horizontal irradiation (GHI)	1,890 kWh/m² per year
Bifacial gain	not applicable (monofacial)
Total system losses	13.8 %
Soiling	2.0 % with quarterly cleaning
Availability	99.0 %
Grid curtailment	0.0 %
Annual module degradation	0.4 % per year (manufacturer's linear warranty)
Combined uncertainty (1 σ)	4.6 % · P90 = P50 × (1 − 1.28 σ)

Download ELAP's P50/P90 studyPDF of report rev B, with the weather series and the loss breakdown.

07RevenueDistributed generation · Law 27,424

Item	Value	Source
Price	USD 62/MWh: the meat-packing plant's avoided tariff	Contract Self-consumption contract · 07/15/2026
Term	20 years	Contract Self-consumption contract · 07/15/2026
Indexation	Follows the distribution company's tariff	Contract Self-consumption contract · 07/15/2026
Counterparty	Meat-packing plant, Villa Dolores	Contract Self-consumption contract · 07/15/2026
Guarantees	Direct debit and a 2-month deposit	Contract Self-consumption contract · 07/15/2026
Energy covered	78 % self-consumption; 22 % surplus to the distribution company at USD 40/MWh	ELAP estimate ELAP · report rev B · 06/20/2026
After the contract	Same scheme until the end of the useful life	ELAP estimate ELAP · report rev B · 06/20/2026

08Payment waterfallyear 1 · projected

Order	Item	Basis	USD year 1, P50	% of revenue	USD year 1, P90	Source
	Energy sales revenue	2.25 GWh · 78 % at USD 62/MWh and 22 % at USD 40/MWh	USD 128,672	100.0 %	USD 119,158	Contract Self-consumption contract · 07/15/2026
1	Operation and maintenance	USD 17,000 per MWp per year	−USD 20,686	16.1 %	−USD 20,686	Quote EPC bid and trustee's proposal · 10/01/2026
2	Operational all-risk insurance	0.3 % of CAPEX per year	−USD 2,208	1.7 %	−USD 2,208	ELAP estimate ELAP · trust model, report rev B · 06/20/2026
3	Trustee fee	0.8 % of revenue	−USD 1,029	0.8 %	−USD 953	Quote EPC bid and trustee's proposal · 10/01/2026
4	Platform administration fee	1 % of revenue	−USD 1,287	1.0 %	−USD 1,192	Contract Platform terms, art. 10 · 07/01/2026
5	Municipal fees and gross receipts tax	1.2 % of revenue	−USD 1,544	1.2 %	−USD 1,430	ELAP estimate ELAP · trust model, report rev B · 06/20/2026
6	Income tax	35 % of profit, with 25-year depreciation	−USD 24,077	18.7 %	−USD 20,847	ELAP estimate ELAP · trust model, report rev B · 06/20/2026
7	Debt service (principal and interest)	USD 0.05 M at 8 % over 10 years	−USD 6,866	5.3 %	−USD 6,866	Quote EPC bid and trustee's proposal · 10/01/2026
8	Inverter replacement reserve	USD 3,000 per MWp per year	−USD 3,650	2.8 %	−USD 3,650	ELAP estimate ELAP · trust model, report rev B · 06/20/2026
9	Distribution to investors	9.8 % of contributed capital	USD 67,324	52.3 %	USD 61,326	ELAP estimate ELAP · trust model, report rev B · 06/20/2026

First operation, taxes and debt; then reserves; and only after that the investors. The return on the sheet is the last line divided by the contributed capital (USD 689,942).

09Sensitivityyear 1 · same model as the payment waterfall · Source: ELAP estimate · ELAP · trust model, report rev B · 06/20/2026

Case	Year-1 return	Versus base	Distribution USD	Per USD 1,000
Base case (P50)	9.8 %	—	USD 67,324	USD 98
Sale price −10 %	8.6 %	−1.2 pp	USD 59,211	USD 86
P90 production	8.9 %	−0.9 pp	USD 61,326	USD 89
CAPEX +10 %, with more debt	8.6 %	−1.2 pp	USD 59,303	USD 86
20 % exchange-rate gap	8.1 %	−1.6 pp	USD 56,103	USD 81

CAPEX +10 %: the overrun is financed with more debt. Exchange-rate gap: revenue is collected in pesos at the official rate and the investor converts to dollars at a rate 20 % higher.

10Construction progressplanned schedule · Source: ELAP estimate · ELAP · report rev B · schedule · 06/20/2026

Milestone	Planned	Actual	Delay
EPC signing and advance	04/15/2027	pending	—
Modules delivered to site	06/15/2027	pending	—
Pile driving	07/15/2027	pending	—
Mechanical installation	08/15/2027	pending	—
Electrical installation	09/15/2027	pending	—
MV station and line	10/15/2027	pending	—
Energization	11/15/2027	pending	—
CAMMESA commercial operation	12/15/2027	pending	—

Main equipment	Of 7
Awarded or later	1
Purchased	0
Delivered to site	0
Installed	0

Month	Planned	Actual
04/2027	0 %	—
05/2027	10 %	—
06/2027	35 %	—
07/2027	65 %	—
08/2027	90 %	—
09/2027	100 %	—

Purchase status of each item in section 1. Actual dates and progress: independent engineer's certificates.

11Change logpublic to everyone · Source: Contract · Contribution agreement no. 1 · 09/10/2026

Date	What changed	From	To	Why
09/10/2026	Modules: price and source	ELAP estimate · USD 0.110/Wp	Contract · USD 0.115/Wp	In-kind contribution for equity by Importadora Andina (example).

When a figure changes source (estimated, quoted, contracted, actual), the previous one stays here.

12Documentsdata room

Trust agreementPending
ProspectusPDF · 10/2026View
Power purchase agreementPDF · 07/2026 · self-consumption contractRegistered users only
ELAP engineering report, rev BPDF · 06/2026View
Grid access studyPDF · 07/2026 · distribution company authorizationView
Independent engineer's technical auditPending
Quarterly financial statements of the trustPending